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<br /> Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds of the City
<br /> of Paris (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal
<br /> amount of $5,000,000 for the purpose of improving and extending the Issuer's Waterworks and
<br /> Sewer System.
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<br /> Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordin-
<br /> ance shall be designated: "CITY OF PARIS, TEXAS WATERWORKS AND SEWER SYSTEM
<br /> REVENUE BOND, SERIES 1997", and initially there shall be issued, sold, and delivered
<br /> hereunder a single fully registered bond, without interest coupons, payable in installments of
<br /> principal (the "Initial Bond"), but the Initial Bond may be assigned and transferred and/or con-
<br /> verted into and exchanged for a like aggregate principal amount of fully registered bonds, without
<br /> interest coupons, having serial maturities, and in the denomination or denominations of $5,000
<br /> or any integral multiple of $5,000, all in the manner hereinafter provided. The term "Bonds" as
<br /> used in this Ordinance shall mean and include collectively the Initial Bond and all substitute bonds
<br /> exchanged therefor, as well as all other substitute bonds and replacement bonds issued pursuant
<br /> hereto, and the term "Bond" shall mean any of the Bonds.
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<br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL
<br /> REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial
<br /> Bond is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered
<br /> Bond, without interest coupons, dated February 15, 1997, in the denomination and aggregate
<br /> principal amount of $5,000,000, numbered R-1, payable in annual installments of principal to the
<br /> initial registered owner thereof, to-wit: PRUDENTIAL-SECURITIES INCORPORATED, or to
<br /> the registered assignee or assignees of said Bond or any portion or portions thereof (in each case,
<br /> the "registered owner"), with the annual installments of principal of the Initial Bond to be payable
<br /> on the dates, respectively, and in the principal amounts, respectively, stated in the FORM OF
<br /> INITIAL BOND set forth in this Ordinance.
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<br /> (b) The Initial Bond (i) may be prepaid or redeemed prior to the respective scheduled due
<br /> dates of installments of principal thereof, (ii) may be assigned and transferred, (iii) may be
<br /> converted and exchanged for other Bonds, (iv) shall have the characteristics, and (v) shall be
<br /> signed and sealed, and the principal of and interest on the Initial Bond shall be payable, all as
<br /> provided, and in the manner required or indicated, in the FORM OF INITIAL BOND set forth
<br /> in this Ordinance.
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<br /> Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall bear interest
<br /> from the date of the Initial Bond, and will be calculated on the basis of a 360-day year of twelve
<br /> 30-day months to the respective scheduled due dates, or to the respective dates of prepayment or
<br /> redemption, of the installments of principal of the Initial Bond, and said interest shall be payable,
<br /> all in the manner provided and at the rates and on the dates stated in the FORM OF INITIAL
<br /> BOND set forth in this Ordinance.
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